Lancashire held a useful investor day last week where the key underwriters presented. Not surprisingly the trading outlook remains challenging – but far from impossible. As we flagged with the H1 results, Lancashire is ‘focused on the knitting’ and keeping its powder dry for when markets do turn. In the interim we expect it to continue to return net profits to shareholders. We move to Neutral (from Add) due to the share price rerating and an unchanged TP of 670p but continue
